His view of the UK economy at the moment - and moving forward - was largely positive: “It’s a good year. The UK economy will grow at more than 3 per cent this year. It’s a Goldilocks economy - not too hot, not too cold.”

Glen’s predictions were:

• UK interest rates will probably be in the region of 1-1.25 per cent, with no increase predicted before the 2015 general election.

• He does not believe there will be an outright majority for any party at the general election. “I think there will be another hung parliament,” said Glen.

• UK inflation will be around 2 per cent, but average wages will still not rise much above that figure.

• Employee productivity has to start improving, because the labour market will be tight.